Elgi Equipments Ltd. announced its Standalone audited financial results for the fourth quarter ending March 31, 2011 on April 28, 2011.

The company recorded a total income of Rs. 1,971.29 million for the quarter ending March 31, 2011, as compared to Rs. 1,758.16 million for corresponding quarter of 2010, i.e. growth of 12.12% for fourth quarter.

Company registered a net profit of Rs. 144.50 million for the same period as compared to net profit of Rs. 113.63 million reported during the corresponding period in 2010, thereby registering a good growth of 27.18% in net profit.

This increase in net profit was due to the increase in interest earnings which grew by 79.50% to Rs. 26.60 million from Rs. 14.82 million and decrease in extraordinary expenses by 32.91% to Rs. 40.3 million from Rs. 60.07 million for the same period in 2010.

Taking the twelve month period from April-March 2011, into consideration, total income was reported at Rs. 7,757.77 million, i.e. a good growth of about 33.17% over the corresponding value of Rs. 5,825.43 million for the same period a year ago.

Though in line with increase in total income its operating expenditure also increased by 33.29% due to increase in employee expenditure (36.44%), still it reported a net profit of Rs. 813.90 million as compared to net profit of Rs. 551.79 million reported during the corresponding period in 2010, thereby registering a substantial growth of 47.50% in net profit.

This increase in net profit is due to the jump in earnings from interest by 102.90% to Rs. 81.46 million from Rs. 40.29 million for the same period and decrease in extraordinary expenses by 30.35% to Rs. 41.8 million from Rs. 60.07 million for the same period in 2010.

On the Consolidated front, the company recorded the total income of the company stood at Rs. 2,434.87 million for the fourth quarter ending March 31, 2011 as compared to Rs. 2037.87 million reported during the corresponding period in 2010, a growth of 19.48%.

But this increase in total income is almost negated by a 22.16% increase in total expenses during the quarter to Rs. 2,174.50 million as against Rs. 1,780.00 million in March 2011.

Still the Net profit of company for Quarter ending on March 2011 rose by 28.13% to stood at Rs. 135.92 million as against the Net profit of Rs. 106.08 million for corresponding period in 2010 backed by the increase in earnings from interest by 77.30% in March 2011 to Rs. 28.18 million as against Rs. 15.89 million in March 2010.

Also the increase in income from other sources (58.96%) added to the bottom line of the company. Taking the twelve month period from April - March 2011 into account, the company had a total income of Rs. 9,410.39 million as compared to Rs. 6,783.44 million reported during the corresponding period in 2010, registering a growth of 38.73%.

But due to 37.06% increase in raw materials to Rs. 4,778.63 million during the year as against Rs. 3,486.63 million in the year ended March 2010 and 49.91% increase in employee expenses to Rs. 788.65 million during the year, the total expenditure also increased from Rs. 8,113.75 million to Rs. 5,829.57 million(39.18% increase).

Net profit of company for same period stood at Rs. 889.91 million which is 53.64% higher than the Net profit of Rs. 579.22 million for corresponding period in 2010.Company registered a 101.15% increase in earnings from interest from Rs. 43.92 million in 2010 to Rs. 88.35 million in 2011.

Elgi Equipments Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 28, 2011, inter alia, has recommended a dividend of Re. 1/- per share (100%) for the year ended March 31, 2011.